Alright so we have gotten that HH above 1.028 (subject to daily close) but it looks like the downtrend is broken and that makes me a buyer in this market. Will leave my trade for now and wait for the pullback, depending on how high this move goes I will look to close my current trade and enter a long at 1.0240 (previous resistance turned support). Should make a couple pips and get a good entry to the upside. :57:
Got out for a 2 pip loss 
*Note need to change to GMT+11 (daylight savings)
Its time to go back to school and study. I’ve been pretty lazy in this regard, instead I’ve chosen to learn and trade, learn and trade, adding bits of knowledge as I’ve progressed. So instead of continuing in this fashion, I’ve decided to study for a little while and paper trade until the end of March (maybe longer). I am still going to look for good setups but will limit my trading to high probability trades.
Asian Session
[ul]
[li]Most of the action takes place early in the session, when more economic data is released.
[/li][li]Moves in the Tokyo session could set the tone for the rest of the day. Traders in latter sessions will look at what happened during the Tokyo session to help organize and evaluate what strategies to take in other sessions.
[/li][li]Typically, after big moves in the preceding New York session, you may see consolidation during the Tokyo session.
[/li]
Best Pairs - AUD/USD, NZD/USD and YEN crosses.
[/ul]
London Session
[ul]
[li]Due to the large amount of transactions that take place, the London trading session is normally the most volatile session.
[/li][li]Most trends begin during the London session, and they typically will continue until the beginning of the New York session.
[/li][li]Volatility tends to die down in the middle of the session, as traders often go off to eat lunch before waiting for the New York trading period to begin.
[/li][li]Trends can sometimes reverse at the end of the London session, as European traders may decide to lock in profits
[/li][li]There is so much liquidity during the European session that almost any pair can be traded. Of course, it may be best to stick with the majors (EUR/USD, GBP/USD, USD/JPY, and USD/CHF), as these normally have the tightest spreads. You can also try the yen crosses (more specifically, EUR/JPY and GBP/JPY), as these tend to be pretty volatile at this time.
[/li]
Best Pairs - Plenty of liquidity so any majors (EUR/USD, GBP/USD, USD/JPY, and USD/CHF) and yen crosses (more specifically, EUR/JPY and GBP/JPY)
[/ul]
New York Session
[ul]
[li]There is high liquidity during the morning, as it overlaps with the European session.
[/li][li]Most economic reports are released near the start of the New York session. Remember, about 85% of all trades involve the dollar, so whenever big time U.S. economic data is released, it has the potential to move the markets.
[/li][li]Once European markets close shop, liquidity and volatility tends to die down during the afternoon U.S. session.
[/li][li]There is very little movement Friday afternoon, as Asian traders are out singing in karaoke bars while European traders head off to the pub to watch the soccer match.
[/li][li]Also on Fridays, there is the chance of reversals in the second half of the session, as U.S. traders close their positions ahead of the weekend, in order to limit exposure to any weekend news.
[/li]
Best Pairs - Plenty of liquidity so any of the majors. Note liquidity dies down after London close and in NY afternoon.
[/ul]
Best days to trade = Tuesday, Wednesday, Thursday
Asian/London overlap is slow but London/US overlap is the busiest with plenty of volume.
Reversals are more likely on Friday given lack of volume.
Worst Times to Trade:
[ul]
[li]Sundays - everyone is sleeping or enjoying their weekend!
[/li][li]Fridays - liquidity dies down during the latter part of the U.S. session.
[/li][li]Holidays - everybody is taking a break.
[/li][li]Major news events - you don’t want to get whipsawed!
[/li][/ul]
Reserved for later use
Reserved for later use.
Just went long on the AUD/USD. Anyone else do the same?
Call me crazy but I was short since 1.05 and was looking for a drop to 1.02. However it looks to me that we may have the beginning of a breakout off the back of the triangle / bearish pendant on the 4 hr. Just closed my trade for a 160 pip gain and now looking to the upside.
P.S. This trade will likely fail given I am posting in this journal… 
hey there bitterseatarder, also went to buy the australian dollar pair!! got two trades right now, o pen. first @ 1.03265 and second @ 1.03213. expecting a big bounce next week, so holding for few more days no worries. glad to see someone trading this pair too, and i dont mean sellling lol